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9/17/19
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A new-construction, single-tenant 7-Eleven in Baldwin Park sold for $4 mil in a NNN, absolute ground lease. The all-cash deal came in at $1,375/sf and at a record-low cap rate of 4.13%, the lowest cap rate in California within the last 12 months, we’re told.
The new 2.9k sf 7-Eleven store and fuel station sits on 0.85 acres and is located at 13853 Garvey Ave, at the intersection of Garvey and Feather Ave. It is expected to open later this year.
Hanley Investment Group’s Jeremy McChesney and Andrew Sprowl represented the seller, a private investor from Westport, CT. The 1031 exchange buyer, a private investor from Beverly Hills, was repped by Elias Donay of Universal Capital Investment, also located in Beverly Hills.
The property is visible from Interstate 10 with daily traffic counts exceeding 220,000 and situated adjacent to LA Fitness and across the street from Sierra Vista High School (2,300 students). Other significant traffic generators include UPS Customer Center and Distribution Hub and Kaiser Permanente Medical Center. Half a million people reside within a five-mile trade area with a total retail demand of $5.6 bil and retail sales of $800 mil, according to McChesney.
McChesney noted, “7-Eleven is one of the most highly sought-after national tenants in today’s market due to their credit combined with typically occupying fundamental ‘A’ locations that investors feel safe and secure owning long-term.”
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